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      Stocks Drop After Hotter Than Expected Inflation Reading

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      Investors are now betting that the Federal Reserve will cut interest rates just once more this year, a drastic shift in expectations since late 2024.Stocks on Wall Street slumped at the start of trading on Wednesday, dragged lower by data that showed consumer prices rose more than expected in January, leaving the Federal Reserve little cause to lower interest rates again soon.The S&P 500 fell roughly 1 percent as trading got underway. The Nasdaq Composite index, which is chock-full of tech stocks that have come under pressure recently from rising global competition to develop the chips that will power the development of artificial intelligence, also fell around 1 percent.Fresh inflation data from the Bureau of Labor Statistics on Wednesday showed that prices rose 3 percent for the year through January, up from 2.9 percent in December. The “core” Consumer Price Index, which excludes volatile food and energy prices, rose 3.3 percent year-over-year.Signs of continuing price pressure is likely to encourage the Fed to refrain from further interest rate cuts in the coming months. For stock investors, higher interest rates means slower business activity, which can weigh on companies’ earnings and stock prices.The uptick in inflation in January “does not derail the longer-term downward trend in inflation,” said Kyle Chapman, a foreign exchange market analyst at Ballinger Group. But, he said, “it does reaffirm the consensus that cuts are going to come much more slowly than we had thought towards the end of last year.”Investors are now betting that the Federal Reserve will keep interest rates at their current level until December. It’s a drastic shift in expectations since last year, when traders were expecting as many as four cuts for 2025, and even just a few weeks ago investors expected the next cut in rates as soon as June.The two year Treasury yield, which is sensitive to changes in investors’ interest rate expectations, rose sharply after the inflation report, up 0.1 percentage points to 4.36 percent, close to its highest level of the year.Wednesday’s drop comes after a bumpy three weeks for traders, with whipsaw swings in stock prices reflecting investors’ struggle to parse the flurry of executive actions taken by President Trump since he returned to the White House for a second term.The S&P 500 has risen roughly 3 percent since the start of the year and has nudged up 1.2 percent since inauguration day, despite the volatility.Impending tariffs are adding to concern about an acceleration in inflation. On Monday, Mr. Trump announced tariffs on foreign steel and aluminum. He has already imposed a 10 percent tariff on Chinese goods, and broad 25 percent tariffs on Canada and Mexico are set to take effect in March, after being delayed for a month.“Rising prices already appear to be a headwind, and the prospect of new trade barriers have the potential to further fuel inflationary pressures by increasing costs for businesses and consumers,” said Jason Pride, chief of investment strategy and research at Glenmede, a wealth management firm. More

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      8 Inspectors General Fired by Trump File Lawsuit Seeking Reinstatement

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      Eight former inspectors general who were summarily fired by President Donald J. Trump last month filed a lawsuit on Wednesday asking a judge to declare their removals illegal and order the government to reinstate them.“The purported firings violated unambiguous federal statutes — each enacted by bipartisan majorities in Congress and signed into law by the president — to protect inspectors general from precisely this sort of interference with the discharge of their critical, nonpartisan duties,” the complaint said.The lawsuit asserts that the plaintiffs remain the lawful inspectors general of their agencies because Mr. Trump’s dismissals broke the law. It asks for an injunction requiring the executive branch to allow them to return to work and awarding them back pay.Four days after Mr. Trump returned to office last month, the White House notified as many as 17 inspectors general in tersely worded emails that they were being terminated because of “changing priorities.”Those were all in direct conflict with statutory restrictions on firing such officials in the Inspector General Act of 1978 and strengthened by lawmakers in the bipartisan Securing Inspectors General Act of 2022.That statute says that before an inspector general is removed, the president must provide Congress with 30 days’ advance notice, including a written explanation with “the substantive rationale, including detailed and case-specific reasons for any such removal.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Hegseth Says Return to Ukraine’s Pre-War Borders Is ‘Unrealistic’

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      A return to Ukraine’s pre-2014 borders is “an unrealistic objective” and an “illusionary goal” in the peace settlement between Ukraine and Russia that President Trump wants to accomplish, the U.S. Defense Secretary, Pete Hegseth, said on Wednesday at a NATO meeting in Brussels.In his first meeting with NATO and Ukrainian defense ministers, Mr. Hegseth told them that Mr. Trump “intends to end this war by diplomacy and bringing both Russia and Ukraine to the table.” But for Ukraine to try to regain all of the territory Russia has seized since 2014, as it insists it must do, “will only prolong the war and cause more suffering,” Mr. Hegseth said. “We will only end this devastating war and establish a durable peace by coupling allied strength with a realistic assessment of the battlefield,” he said.Mr. Hegseth also told the meeting that Mr. Trump expected Europe to bear more financial and military responsibility for Ukraine’s defense.Europe, he said, must take more responsibility for its conventional defense and spend more money on its armed forces, up to 5 percent of national output, as the United States deals with its own security risks and the challenge of China.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Museum With Renowned Dinosaur Fossils Gets a $25 Million Gift

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      The Carnegie Museum of Natural History in Pittsburgh, home to the Tyrannosaurus rex holotype and a famous Diplodocus, will benefit from Carole and Daniel Kamin’s donation.Carole Kamin first walked through the doors of the Carnegie Museum of Natural History in 1975 after taking a job as a buyer for the Pittsburgh museum’s gift shop. Awe-struck by the fossils on display, she would style herself as a “dinosaur queen” for the next 20 years.She sourced dino-patterned fabric from India for barbecue aprons. She worked with a toy manufacturer to produce models of the museum’s ancient creatures. She persuaded a candy supplier to make caramel-filled “Sweet Beasts.”Now Kamin and her husband, Daniel, are donating $25 million toward renovating the museum, which was founded in 1895 and has one of North America’s largest museum collections of fossils. The gift comes at a time when dinosaurs are as firmly entrenched in the zeitgeist as ever, thanks in part to record-setting fossil auctions and blockbuster films.The Carnegie museum’s holdings include the species-defining fossils — known as holotypes — of the terrifying predator Tyrannosaurus rex and the giant herbivore Apatosaurus louisae.It also displays arguably the most famous dinosaur skeleton on Earth: the remains of Diplodocus carnegii, a long-necked dinosaur found in 1899 during an expedition funded by the steel baron and philanthropist Andrew Carnegie. Replica casts of the dinosaur, known as “Dippy,” reside in museums around the world.The Diplodocus carnegii skeleton at the Carnegie Museum of Natural History is known as “Dippy.” Replica casts of the dinosaur reside in museums around the world.via Carnegie Museum of Natural History; Photo by Joshua Franzos, Treehouse MediaWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The Housing Crisis Forces Change on a Low-Rise Pocket of Brooklyn

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      A contentious plan to build two 10-story towers illustrates how a pressing shortage of affordable apartments has started to change the politics around development.Change doesn’t always come easily in Brooklyn’s liberal strongholds.But New York’s push to build more housing in every corner of the city — even in places that have sometimes been skeptical of new development — is set to clear a significant hurdle on Wednesday, when a key City Council committee is expected to approve a zoning change that will clear the way for new apartment towers on the border between Park Slope and Windsor Terrace.Two 10-story buildings are planned for the site of an industrial laundry business, Arrow Linen. Forty percent of the 250 units will rent below market rate.The so-called Arrow Linen proposal had all the makings of the sort of fight that has become familiar in middle-class parts of the city with enough political influence to alter or defeat unpopular projects. It was subject to more than a year of contentious debate.Yet the conclusion demonstrates just how much the politics around development have started to morph as the housing crunch has become one of the city’s most pressing crises.That dynamic is playing out beyond New York, too, as leaders in liberal communities across the country are confronting housing shortages so profound that some of their once-reliable voters have begun to drift rightward, expressing skepticism about Democrats’ ability to tackle affordability issues.Progressive politicians who are often sharply critical of real estate developers when running for office have become increasingly supportive of new construction once they are elected.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Defying Johnson, Graham and Senate G.O.P. Push Their Own Budget Plan

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      For days, Speaker Mike Johnson had called and texted Senator Lindsey Graham, imploring him to wait for the House to take the lead in the legislative drive to enact President Trump’s sweeping tax, budget and immigration agenda.When the three men converged in New Orleans on Sunday in the president’s suite at the Super Bowl, Mr. Graham shut him down in person.“I’m a huge fan, and nothing would please me more than one big, beautiful bill passing the House,” Mr. Graham recounted telling the speaker, a Louisiana Republican. But, he said, the Senate would press ahead with its own bill, adding, “We are living on borrowed time.”Senate Republicans have waited for weeks for their House colleagues to resolve their differences and agree to a budget blueprint that could unlock the party’s push to pass a vast fiscal package with only a simple majority vote. But House Republicans have remained divided over major issues, including how deeply to cut federal programs to pay for the bill, and have blown past several self-imposed deadlines.Enter Mr. Graham, the fast-talking fourth-term Republican senator from South Carolina and the chairman of the Senate Budget Committee.A loyal Trump ally who has long relished the opportunity to be in the middle of the action, Mr. Graham has made it clear in recent days that he has no intention of waiting for the House. Instead, Mr. Graham has advanced a budget plan that his committee is set to take up on Wednesday that would increase spending for the military and border security measures. He has promised that another bill extending the 2017 tax cuts will come later.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Canned Tuna Sold at Trader Joe’s and Costco Is Recalled Over Botulism Risks

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      Tuna sold in 26 states and in Washington, D.C., was recalled over concerns that it may have been contaminated. The stores affected include Trader Joe’s, Genova, Van Camp’s and H-E-B.Canned tuna sold at grocery stores in 26 states and in Washington, D.C., was recalled because of botulism risks, the Food and Drug Administration and Tri-Union Seafoods said on Friday.The F.D.A. said that Tri-Union Seafoods had voluntarily recalled the tuna “out of an abundance of caution” after being notified of potential issues with the product seal. The “easy open” pull tab on some products, including those sold at Trader Joe’s and Costco, was defective, meaning that the tuna could have been contaminated with clostridium botulinum, a potentially fatal form of food poisoning.Here’s what to know.Which brands are affected and where?Here’s a list of all products affected.Products include:Trader Joe’s-label canned tuna in Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Virginia, Wisconsin and Washington, D.C.Genova 7 oz. canned tuna from Costco in Florida and Georgia.Genova 5 oz. canned tuna from Harris Teeter, Publix, H-E-B, Kroger, Safeway, Walmart and independent retailers in Alabama, Arkansas, Arizona, California, Florida, Georgia, North Carolina, New Jersey, Tennessee and Texas.Genova brand tuna sold in Alabama, Arkansas, Arizona, California, Florida, Georgia, North Carolina, New Jersey, Tennessee and Texas is affected by the recall.John Lamparski/Getty Images for NYCWFFWhat should you do if you have the recalled cans?Throw them out. Even if the product does not look or smell spoiled, you should dispose of it. Contact the store where you purchased the tuna or Tri-Union Seafoods for a coupon for a replacement product at support@thaiunionhelp.zendesk.com or 833-374-0171.The recall does not affect other Tri-Union Seafoods products.Has anyone gotten sick?No. There have not been any illnesses associated with the recalled products.What is botulism?Botulism is an illness caused by a toxin that attacks the body’s nerves, paralyzes muscles and causes difficulty breathing, according to the Centers for Disease Control and Prevention. It can be fatal.Most outbreaks stem from homemade products, rather than from commercially manufactured ones. Improperly home-canned or fermented food can provide the right conditions for spores to grow and make botulinum toxin. If in doubt about whether home-canned food is safe to eat, you should throw it out rather than taste it, the C.D.C. says.Signs of contamination include containers that are leaking or damaged, or that spurt liquid or foam when opened. Other signs of contamination include discoloration, mold or bad odor from the food. The C.D.C. recommends refrigerating canned or pickled foods after opening them.How common are botulism outbreaks?Outbreaks are rare but can be life-threatening. In 2023, a woman in France died and at least a dozen other people became ill with botulism after eating homemade sardine preserves at an organic wine bar in central Bordeaux. In 2019, U.S. health departments reported 21 cases of food-borne botulism to the C.D.C.Jonathan Wolfe More

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      Best in Show

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      Would you want to enter your pet in a contest?At the Westminster Kennel Club Dog Show this week, over 2,500 canine contestants tried to measure up to a set of exacting breed standards and competed for the coveted best in show award. Did you watch? What do you think of the winner, Monty, a dignified giant schnauzer, who beat out a whippet, a Skye terrier and the fan-favorite German shepherd for top honors?Have you ever thought about entering your own pet into a similar competition? Why or why not? If so, which talents, abilities or skills — such as agility, obedience or adorability — would you want to showcase? Do you think your pet would enjoy all the primping, pampering and attention that often goes with competing? How would you feel if your pet won? What about if they didn’t?Tell us in the comments, and then look at these behind the scenes photos to learn more about what it takes to compete for best in show at Westminster.Students 13 and older in the United States and Britain, and 16 and older elsewhere, are invited to comment. All comments are moderated by the Learning Network staff, but please keep in mind that once your comment is accepted, it will be made public and may appear in print. Find more Picture Prompts here. More